The Greedsters Sequels: SUB-PRIME MORTGAGE WOES GO ON AND ON

Friday, October 5, 2012

SUB-PRIME MORTGAGE WOES GO ON AND ON

NYT/STRIBE - The Bank of America announced another major payment to shareholders - $2.3 Billion - to settle a lawsuit involving the acquisition of Merrill Lynch and misleading statements made by B&A in late 2008. B&A's current CEO, Mr. Brian Moynihan, stated a week ago, "Resolving this litigation removes uncertainty and risk and is in the best interests of our shareholders". In early 2008, B&A acquired Countryside Financial and settlements to date for that deal has cost the bank more than $40 billion. Only Enron, Tyco, and World Com settlements in the financial world have exceeded B&A's settlements. Horrible losses, to be sure. Some critics believe even more are yet to come as the period of 2007- 2012 keeps rearing its ugly head.

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A General description of a "GREEDSTER" is any company, organization or individual for whom "ENOUGH IS NEVER ENOUGH".

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